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Closing Costs

Listed below is general information concerning closing costs associated with the purchase of an apartment in Manhattan. Please note that these are general guidelines and are not meant to be exact figures. All buyers and sellers should consult their own attorney or financial advisor for more specific information. No representation is made as to the accuracy of the potential costs described below.

FOR THE PURCHASER Closing Costs for Condominiums Closing Costs for Co-ops
Your Attorney Approx. $1,750+ Approx. $1,750+
Mortgage Bank Fees Points: 0% to 3% of loan amount Points: 0% to 3% of loan amount
Mortgage Fees:
Credit Report, Appraisal, Application
$500 - $1,000 $500 - $1,000+
Mortgage Bank Attorney $400+ $400+
Lien Search   $250 - $350
UCC-1 Filing   $50
Short Term Interest 1 month Equal to interest for balance of month in which you close
Tax Escrow 2 to 6 months  
Recording Fees $200 - $300  
Mortgage Tax .75% of amount of mortgage for loans < $500,000
1.875% of amount of mortgage for loans > $500,000
 
Fee Title Insurance Approx. $450 per $100,000  
Mortgage Title Insurance Approx. $200 per $100,000  
Municipal Search $275+  
Managing Agent Fee $250 - $500  
Common Charge Adjustment Pro-rated for the month of closing  
Real Estate Tax Adjustment 1 to 6 months  
Mansion Tax 1% of entire purchase price once the sale exceeds $1,000,000. 1% of entire purchase price once the sale exceeds $1,000,000.
Move-in Deposit $250 - $1,000 Refundable $250 - $1,000 Refundable
Recognition Agreement Fee   $200
Maintenance Adjustment Pro-rated for the month of closing
 
For most new developments and other apartments purchased directly from sponsor, the purchaser might pay New York state and city tax on the transfer of property.
NYC Transfer Tax 1% of price up to $500,000; or, 1.425% of price if $500,000 and over. Plus $25 administrative fee.  
NYS Transfer Tax $4.00 per $1,000.00 of price, or 0.4% of purchase price  
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